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Obama Delays Online Casino Ban Six Months
WASHINGTON, D.C. --
The Obama Administration approved a 6-month delay of UIGEA enforcement rules, a move that gives lawmakers time to approve an online casino legalization bill. Enforcement of the UIGEA was set to begin in December, but the Obama Administration decided the burden placed on financial institutions would be too large during these difficult economic times.
"The 6-month delay paves way for Congress to approve a bill to legalize and regulate online casinos", says Mike Waxman, spokesman for Safe and Secure Internet Gambling dot org.
Most bankers in the financial services committee agree, the UIGEA places unnecessary and burdensome rules on credit card and banking companies. Some have estimated it would cost an additional $500 million dollars per bank to enact the policies.
Many lawmakers are in favor of a new bill introduced by Barney Frank. His bill would create a framework to legalize and regulate online casino games such as slot machines, blackjack, roulette, and poker. Sports betting has been under scrutiny the past few years, especially since the arrest and conviction of NBA referee Donaghy who was fixing games for mafia business partners.
More information will be available next week, after members of Congress return from Thanksgiving Day vacations.
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